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Tax News

From time to time, we produce information for clients on a number of topical and important issues, some of which can be found below:

Can you benefit from capital allowances on your business premises? - June 19, 2017
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If you own your own business premises, you may be entitled to claim capital allowances on some of the costs associated with the ‘intrinsic fabrication’ of the building. The ‘intrinsic fabrication’ of a building includes items such as lighting, heating, plumbing, electrics and fire safety systems. It essentially covers the items that are necessary for … Continue reading Can you benefit from capital allowances on your business premises?


Receipts rise as Corporation Tax rates fall - June 19, 2017
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Corporation Tax receipts reached a record high in the 2016-17 financial year, with a total of £56 billion collected, a 21 per cent year-on-year increase. These record figures come despite the main rate of Corporation Tax falling from 30 per cent in 2008 to 19 per cent in 2017-18. The most obvious driver for this … Continue reading Receipts rise as Corporation Tax rates fall


The Inheritance Tax main residence additional nil-rate band - June 19, 2017
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A new additional nil-rate band of £100,000 for Inheritance Tax (IHT) on main residences, when bequeathed to a direct descendent, came into effect at the start of the new tax year in April 2017. In 2018, 2019 and 2020, this will rise to £125,000, £150,000 and £175,000 respectively, before rising in line with Consumer Prices … Continue reading The Inheritance Tax main residence additional nil-rate band


Finance Bill shrinks in the parliamentary wash-up as PM announces snap election - May 25, 2017
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The announcement of a snap general election to take place on 8 June 2017 had an immediate impact on some of the most eye-catching announcements from the Spring Budget, with the parliamentary wash-up seeing key clauses dropped from the Finance Bill. Making Tax Digital, as well as changes to the Money Purchase Annual Allowance and … Continue reading Finance Bill shrinks in the parliamentary wash-up as PM announces snap election


A furnished holiday letting won’t just give your customers much needed relief - May 25, 2017
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Landlords should be aware of the different rules which apply to furnished holiday lets and private rented properties, as the tax implications can be enormous. Privately rented properties that are not a principal private residence, and therefore do not qualify for principal private residence relief, are normally subject to capital gains tax at 18 per … Continue reading A furnished holiday letting won’t just give your customers much needed relief


P11D dispensations have been dispensed with - May 25, 2017
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Last year saw an important change to the way tax-deductible business expenses, which are paid to employees, are dealt with. Until the beginning of the 2016-17 tax year, employers who did not have a dispensation from HM Revenue & Customs (HMRC) were required to report benefits and expenses paid to employees. Now, these dispensations have … Continue reading P11D dispensations have been dispensed with


Online VAT fraud and error costing UK dear - May 25, 2017
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A report published by the National Audit Office (NAO) estimates that online VAT fraud and error cost the UK somewhere between £1bn and £1.5bn in lost tax revenue during the 2015/16 financial year. Under current UK tax rules, any traders based outside the European Union (EU) who sell goods to UK customers over the internet … Continue reading Online VAT fraud and error costing UK dear


HMRC issuing hefty fines to eBay and Amazon traders who fail to pay tax - May 25, 2017
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Small-scale internet traders, including individuals and businesses who sell goods on websites such as eBay and Amazon, are being hit with ‘tougher penalties’ than larger businesses if they do not declare their income and pay the appropriate tax on their sales, according to a new study. The research, which has attracted much media attention of … Continue reading HMRC issuing hefty fines to eBay and Amazon traders who fail to pay tax


HMRC goes “nuclear” in pursuit of unpaid taxes - May 25, 2017
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HM Revenue & Customs (HMRC) issued a record number of court orders to seize company assets in 2016, indicating that the tax office is happy to go after all businesses suspected of tax evasion. The figures, published by Funding Options, show that the Revenue issued 3,900 applications to wind-up firms with outstanding tax bills in … Continue reading HMRC goes “nuclear” in pursuit of unpaid taxes


Tax Free Childcare – Who is eligible? - April 24, 2017
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Juggling the rigours of the modern working world and childcare can be difficult for employees and can have a serious impact on a business’s ability to retain highly-skilled and valued workers. Currently, all taxpayers are afforded 15 hours of free childcare at a nursery, playgroup, pre-school, childminders or Sure Start Children’s centre if the child … Continue reading Tax Free Childcare – Who is eligible?


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